Moscow Retail MarketView Q4 2018

• In 2018 new supply was the lowest for the last 6 years and 186,900 (GLA) was added to the market. Many retailers are postponing the store openings that is one of the reasons for delaying shopping centres’ opening dates; about 60,000 sq m of 2018 SCs was delayed – about a quarter of total 2018 new delivery plans.

• Vacancy rate is continuing to decrease for two years, since Q3 2016. It amounted to 7.7% in Q3 2018, which is 0.4 p.p. lower compared to previous quarter.